Betfair Strikes New Deal in Lucrative Latin American Gambling Sector

  • Betfair agreement makes it first official gambling partner of CONMEBOL
  • Three-year deal sees Betfair join many notable multinational companies as official partners
  • Betfair positioning itself to take advantage of Latin America's nascent gambling market
  • Brazil, Argentina, Mexico, and Colombia all major markets for gambling going forward
football showing south american flags
Betfair is now in a three-year partnership with the leading South American football body, CONMEBOL. [Image: Shutterstock.com]

New partnership with CONMEBOL

Betfair has partnered up with the South American Football Confederation (CONMEBOL), making it the first official gambling partner of the organization. 

The deal gives Betfair the go-ahead to advertise in stadiums throughout the region, using its logo. This is in addition to advertising through social media and broadcast channels.

Betfair joins a group of notable other partners of the CONMEBOL, such a Bridgestone, Santander, Gatorade, Qatar Airways, and MasterCard. The deal is set to be in place for three years, expiring in December 2022.

the first official gambling partner of the organization

Stephen Mault, the head of brands at Betfair, said: “We are delighted to be the official betting partner of the CONMEBOL Libertadores and CONMEBOL Sudamericana. These two prestigious tournaments have provided so many memorable moments in world football throughout the ages.”

Both events are premier club competitions in the region and attract a massive following each year. The CONMEBOL Libertadores has been running since 1960 and contains 47 teams from ten different nations. The CONMEBOL Sudamericana, which began in 2002, is an amalgamation of two previous competitions.

Tapping into Latin America’s market

Betfair is one of a few global gambling companies eyeing up the potentially lucrative Latin American market. Many countries are looking at expanding gambling laws to try and cash in on its popularity. 

Brazil has a consultation in progress that aims to study whether it is a good idea to allow retail and/or sports betting. The study, which looks at seven separate areas of the gambling space, will reach completion by the end of August. 

There was a gambling law signed by the previous Brazilian President in 2018 relating mainly to sports betting. This put into action the consultation on the effects of gambling legalization, as well as setting up the foundations of a formal framework in case gambling expansion gets the green light.

Countries with a bright future

Other countries in the region with potentially profitable gambling markets include Argentina, Colombia, and Mexico.

The likes of Bet365 have already struck deals with local companies in Mexico.

Mexico is the second-largest gambling market in Latin America, and with people having more disposable income, the gambling sector is benefitting. International operators can now partner with local companies to expand their offering. 

And while online gambling has not properly kicked off in the country, a new regulatory framework is on the way to encourage this sector. The likes of Bet365 have already struck deals with local companies in Mexico.

Argentina is the largest market for gambling in the region. Online sports betting is now legal in the Argentinian capital of Buenos Aires, with seven licenses up for grabs. 

Operators such as Bet365 have also been pursuing partnerships with local companies in this region. These efforts have seen some political setbacks, with anti-gambling politicians being somewhat more popular in the country as of late.

Colombia has also had recent success with its online gambling market, which grew by 63% in the first six months of 2019. 

Gambling potential in the region

According to an industry report, the nine largest countries in the region bring about $150bn each year in gambling revenue. With tourism numbers rapidly rising each year, further legislative expansion, and infrastructure being put into place, this number is set to rise significantly in the coming years.